Priya took the stage at an trade occasion organised by the Automotive Part Producers Affiliation (Acma) in New Delhi on Wednesday, detailing how her husband led the turnaround of Sona Comstar, the enterprise based by his father, Surinder Kapur, within the late Nineteen Eighties.
Priya’s handle marked the primary public assertion by the 49-year-old govt since her husband’s sudden loss of life from a coronary heart assault whereas taking part in polo within the UK final June, and the following household dispute together with her mother-in-law, Rani Kapur, over management of Sona Comstar’s promoter entity, Aureus Funding Non-public Ltd, which owns 28% of the Gurugram-based part maker. On the coronary heart of the dispute is Sunjay’s property value roughly ₹30,000 crore.
“Beneath Sunjay’s imaginative and prescient and management, the corporate was re-invented as Sona Comstar via disciplined restructuring, deep expertise integration, and a sharply refocused international technique,” she instructed an viewers of auto and auto part trade executives.
The foremost thrust of her almost 10-minute-long handle on the occasion was as an instance how the corporate’s turnaround technique was crafted by Sunjay Kapur, banking on electrical autos, exports and funding in expertise.
“This transformation was not unintentional. It’s the results of three daring strategic choices that accounted for over 85% of our development, choices fuelled by the tailwinds of ‘Make in India’,” she mentioned.
Priya’s public appearence comes after she made a collection of visits to numerous Sona Comstar-related engagements over the previous few months whilst Sunjay’s mom moved the Delhi Excessive Courtroom to problem her management over the agency.
In response to her LinkedIn profile, late final 12 months, she toured the corporate’s Chennai manufacturing plant and R&D facility together with the senior management staff, which included Vivek Vikram Singh, group chief govt at Sona Comstar.
Her go to to the plant was adopted by her presence at some company social accountability associated conferences at IIT Delhi and Catch Basis.
Priya joined the board of Sona Comstar in June, and her appointment was authorised by shareholders in July. She represents the promoter household entity – Aureus Funding Non-public Ltd.
On the coronary heart of the dispute with Rani Kapur is that this promoter entity the place Priya serves because the managing director. The promoter entity is managed by a belief named RK Household Belief, which counts 4 trustees, Priya, her son Azarias, and two kids of Sunjay’s with Karisma Kapoor, Samaira and Kiaan.
Earlier than Sunjay’s loss of life, he was the only real beneficiary proprietor of the belief that was initially named after Rani Kapur.
In 2017, Rani Kapur transferred her complete shareholding in Aureus to this belief which in 2019 made Sunjay Kapur its sole beneficiary proprietor. After his demise, the beneficiary possession transferred to the 4 trustees.
In a petition filed earlier than the Delhi Excessive Courtroom, Rani Kapur challenged Priya Kapur’s management of the promoter entity, claiming that her shareholding was fraudulently transferred to the belief in 2017. Priya Kapur has filed an utility searching for dismissal of the petition.
On Wednesday, the Delhi Excessive Courtroom issued a discover to Rani Kapur on Priya’s utility to dismiss the case.
The battle with Rani Kapur comes at a time when Karisma Kapoor has additionally moved the Delhi Excessive Courtroom, difficult the validity of a will left behind by Sunjay Kapur which bestowed his complete property to Priya Kapur in case of his demise.
With Priya stepping up her involvement within the firm and the broader trade, authorized consultants say the corporate’s day-to-day operations stay unaffected.
“Except the courtroom passes interim or closing orders that instantly have an effect on shareholding, voting rights, or administration management, the corporate’s day-to-day operations stay legally insulated,” Rishabh Gandhi, founder at Rishabh Gandhi and Advocates, a company legislation agency primarily based in Pune, mentioned.
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